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August 10, 2009
Rejoice! Obama Only
Lost 247,000 Jobs Last Month
trying to convince an appropriately reluctant American populace to go
along with a pork-laden $787 billion government spending extravaganza,
the Obama Administration earlier this year announced its predictions for
the “so-called stimulus” (henceforth referred to as “SCS”). It predicted
that the SCS would cause the unemployment rate to peak at “merely” 8
percent, while failure to pass the SCS would catapult the rate all the
way to 9 percent.
Well, it has been less than six months, and with the same SCS that was
promised to make jobs rain down like audacious beads of hope-n-change,
the unemployment rate has already eclipsed 9 percent. As even the White
House concedes, it will likely reach the double digits.
Good thing they passed the SCS, or else unemployment would have peaked
at 9 percent. Clearly, it was worth it.
The astounding ability to so falsely predict such important numbers in a
mere six months must shed light on the same government’s ability to
predict the effects of government-run health care in a few years, or for
that matter, the effects of “cap and tax” on the environment decades
Yet despite the widespread destruction of economic faith and
productivity caused by the political spending of hundreds of billions
that will necessarily be paid for from the pockets of taxpayers,
President Obama reacted to Friday’s announcement that the U.S. has lost
another 247,000 jobs by declaring in a predictably hopeful fashion:
“Today we’re pointed in the right direction.”
Oh, the bigotry of low expectations. He continued: “(T)hese two thirds
of the Recovery Act have helped people weather the worst phase of this
recession, while saving jobs and stabilizing our economy,” and later
added, “that’s how we’ve pulled the economy back from the brink. That’s
why we’re turning this economy around.”
Let’s get this straight. A very few months ago, Obama predicted that the
SCS would save the country by causing the unemployment rate to peak at 8
percent, while petrifying Americans (in a hopeful way, of course) by
predicting that failure to pass the SCS would cause the ultimate doom: A
9 percent unemployment rate, lasting a longer time. Yet now, when the
economy has become so poor that 9 percent is a goal we aspire to
achieve, Obama is declaring victory? Talk about “Mission Accomplished”
The stated rationale for the SCS came down to one objective – job
creation. Never mind that it is economically impossible for government
to “create” net jobs, seeing that every dollar taxed or borrowed by
government for the creation of a position is necessarily taken away from
another – and almost certainly a more efficient – position that would
have been created by the private sector with that same money. Let us,
for a moment, toss economic principles out of the Hope Bus and fulfill
socialist fantasies by pretending that government does indeed have the
ability to create net new jobs.
Well, then even this, the primary rationale and the one that would form
the most reasonable justification for a gargantuan $787 billion spending
spree, would still have proven utterly indefensible in light of today’s
numbers. Even if we agree with the view that the government had the
ability to create jobs, the SCS has still failed, and quite miserably.
Now we are nearly $1 trillion further in debt, and we’ve somehow managed
to simultaneously lose more taxpayers to unemployment. Nice move.
Indeed, during any other administration, the loss of 247,000 jobs that
follows months of unprecedented government spending and activity would
have been calamitous. But under the pitifully low standard ascribed to
Obama by himself and his own supporters, 247,000 is a reason to rejoice.
© 2009 North Star
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